Close Menu
  • Home
  • Crypto News
  • Tech News
  • Gadgets
  • NFT’s
  • Luxury Goods
  • Gold News
  • Cat Videos
What's Hot

Theif Cat , Cat funny video #pets #animallife #funny

May 12, 2025

cat funny videos 🤣🤣📸 #catreaction #funny #catvideos #pets #shaababies #cat #cute #animals

May 11, 2025

What’s the Best Crypto to Buy Now? It’s Not BTC, ETH, or XRP — It’s Priced at Just $0.025

May 11, 2025
Facebook X (Twitter) Instagram
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms of Use
  • DMCA
Facebook X (Twitter) Instagram
KittyBNK
  • Home
  • Crypto News
  • Tech News
  • Gadgets
  • NFT’s
  • Luxury Goods
  • Gold News
  • Cat Videos
KittyBNK
Home » SHIB Dips 3% Post $0.00001979 Monthly Peak; What’s Next?
Crypto News

SHIB Dips 3% Post $0.00001979 Monthly Peak; What’s Next?

October 31, 2024No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
SHIB Dips 3% Post alt=
Share
Facebook Twitter LinkedIn Pinterest Email

The Shiba Inu token, the second-largest meme cryptocurrency by market cap, recently soared to a monthly high, reaching $0.00001979 on October 29. Following this high, SHIB experienced a slight retracement, dipping to $0.00001832—an approximate 3.86% decrease within a day. Despite this short-term pullback, the altcoin’s weekly performance remains solid, bolstered by a more potent bullish trend sweeping across the cryptocurrency market.

Shiba Inu’s recent momentum comes alongside a rise in the number of daily active users on its network. Between Monday and Wednesday alone, active addresses jumped from 3,398 to 5,175, setting a new high for October. This increased user activity reflects the growing interest in Shiba Inu’s blockchain and points to an enduring demand, a factor that could strengthen SHIB’s price stability.

SHIB Dips 3% Post alt=

Adding to the supply-and-demand equation, Shiba Inu’s burn program saw a spike, with a 145% rise over the past week, translating to roughly 121.76 million tokens being removed from circulation. By reducing the total supply of SHIB tokens, the burn mechanism aims to elevate the cryptocurrency’s valuation, provided demand remains steady or grows.

Technical Indicators Hint at a Short-Term Plateau

On the technical front, Shiba Inu’s chart patterns suggest a possible cooling-off period for the token. The RSI, a key indicator of price momentum, was rising two days ago but has now shifted downward, resting at 55.25. This reading implies that the meme coin could enter a period of price stability before resuming its uptrend. Further reinforcing this consolidation potential is the altcoin’s approach to its 20-day EMA, sitting at approximately $0.00001793.

SHIB/USD 1-Day Chart (Source: TradingView)SHIB/USD 1-Day Chart (Source: TradingView)

Currently, this EMA serves as an immediate support level that could trigger a bounce if the token stabilizes here. Additionally, the convergence of SHIB’s Bollinger Bands signals decreased volatility, with the price nearing the middle band at $0.00001815, implying a likely consolidation zone is forming. Although bullish momentum appears to be pausing, the overall market trend for SHIB remains upward, indicating this may be a temporary phase in a broader uptrend.

The Road Ahead: Consolidation or Breakout?

As SHIB navigates this consolidation, it is poised to trade within a defined range in the near term. Holding above the 20-day EMA could keep the current bullish trend intact, while a break below could spark a shift to retest lower support zones around $0.00001665. Notably, a move below the October 3 low of $0.00001548 would signal a more pronounced bearish turn and cast doubt on the token’s medium-term outlook.

On the brighter side, a resurgence in bullish sentiment could steer Shiba Inu back toward recent highs near $0.000020. A successful break above this resistance could signal a stronger bullish outlook, propelling the altcoin to challenge higher resistance points around $0.000023 and $0.000026, levels that align with the 1.212 Fibonacci extension. With volatility looming, the coming days will reveal whether SHIB’s bullish resilience can break through or if a deeper consolidation awaits in the meme cryptocurrency’s evolving story.

Also Read: Dogecoin (DOGE) Faces Resistance at $0.17; Are Technicals Signaling a Reversal?

Credit: Source link

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

What’s the Best Crypto to Buy Now? It’s Not BTC, ETH, or XRP — It’s Priced at Just $0.025

May 11, 2025

Why MUTM Might Be the Next Crypto to Hit $1 — And Still One of the Best Cryptos to Buy Now

May 11, 2025

‘Technical Breakthrough of 2025’ Advanced Tech

May 11, 2025

How to Buy and Sell Pi Coins

May 11, 2025
Add A Comment
Leave A Reply Cancel Reply

What's New Here!

15 Hidden Galaxy S25 Ultra Features You NEED to Know!

February 2, 2025

Binance Delists Privacy Coins in Belgium Beginning Sept 21!

September 6, 2023

The best workwear brands to know in 2023

November 24, 2023

Luxury fashion platforms MyTheresa and Net-a-Porter boycott Israeli designer

October 31, 2023

iOS 18: Hidden Gems & Surprising Changes – Don’t Miss Out

September 18, 2024
Facebook X (Twitter) Instagram Telegram
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms of Use
  • DMCA
© 2025 kittybnk.com - All Rights Reserved!

Type above and press Enter to search. Press Esc to cancel.